FCPO Commentaries and Technical Analysis 18 Oct 2012

FCPO Daily Commentary & Technical Analysis

The FCPO active month contract ended slightly higher on Wednesday as electronic soybean oil prices traded higher during the Asian trading session which had underpinned the FCPO price. At the close, the FCPO price was up 5 pts or 0.20% to 2,471.

Based on the daily chart, the FCPO price traded in a narrow range on Wednesday and it had formed a small negative candle. As we can see in the chart, the trend is still positive as long as the FCPO price is able to stay above the level of 2,360. On the other hand, the price could linger in between the range of 2360-2529 and to rise further, it need to break and closes above the level of 2530.

Referring to the MACD histogram, it is building up in the positive zone. Meanwhile, MACD line is crossing above the signal line where the positive sentiment could be building up. As always, intraday support and resistance levels will be eyed.

Technical indicators

MACD= Positive, ADX= Negative

Intraday technical support & resistance for 18th Oct 2012

1st support 2440-2400; 2nd support 2360

1st resistance 2530; 2nd resistance 2575

GOODLUCK

FCPO Price Forecast For Week 01 - 05 October 2012

A Technical Oversold Rebound Is Imminent

But The Question Remains : How Much?

HAPPY TRADING

CPO CHART >>> The "W" Formation can go a LONG way

FCPO Daily Technical Analysis:
The FCPO active month contract tacked in 0.68% continuing its reversal after a double bottom had been formed. The market getting some boost on optimism about export demand in the second half of August and estate worker go on Raya Holidays which may drawn down in palm oil inventory. At the close, the FCPO price was up 20 pts to 2,962.

From the daily chart, another positive candle formed on Friday where it indicated that persistence buying interest remains supported the FCPO price. Trend remains positive and this was also confirmed by the MACD indicator. However, the downside gap left uncovered at the moment. Since it successfully formed up a double bottom pattern, the next step is to keep an eye whether it is able to form up a ‘W’ shape in the long term trend.

Referring to the MACD Histogram, it successfully builds up in the positive zone. Meanwhile, the MACD line is crossing above the signal line where the bullish sentiment is building up in the medium term. As always, intraday support and resistance levels will be eyed.

Technical indicators:

MACD= Positive

ADX= Positive

Intraday technical support & resistance for 22nd Aug 2012:

1st support 2950

2nd support 2900-2863

1st resistance 3035-65

2nd resistance 3100
 

HAPPY TRENDING